Tag: Vodafone Idea

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Manufacturing PMI Slows to 3-month Low in Sept – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Manufacturing PMI slows to 3-month low of 55.1 in Sept

India’s manufacturing sector activity fell to a three-month low in September 2022. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.1 in September, compared to 56.2 in August. However, output remained solid despite global headwinds and recession fears. Input costs rose at the slowest rate in almost two years as suppliers’ stocks improved in line with subdued global demand for raw materials.

PMI is a month-on-month calculation, and a value above 50 represents an expansion compared to the previous month.  

Read more here.

JSW Cement raises ₹400-crore sustainability-linked loan

JSW Cement Ltd will raise ₹400 crore through a sustainability-linked loan from MUFG Bank India to fund the company’s capacity expansion plans. MUFG Bank acted as the mandated lead arranger, bookrunner (MLAB), and sustainability loan coordinator for this transaction. The fundraise will help JSW Cement towards its target of building up to 25 million tonnes per annum (MTPA) capacity by FY25.

Read more here.

Adani Ports reports 13% rise in cargo volumes in Sept

Adani Ports & Special Economic Zone (APSEZ) Ltd’s cargo volumes reached 26.1 million metric tonnes (MMT) in September, recording an increase of 13% YoY. In the first six months of FY23, APSEZ managed 177.5 MMT of cargo, an increase of 11% over the corresponding period last year. The company said it is well aligned to meet its annual cargo volume guidance of 350-360 MMT in FY23.

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Reliance Jio in talks with global firms for supply to 5G stack

Reliance Jio is in talks with global network operators to supply its locally developed end-to-end 5G stack. The solution (developed by Jio Platforms) consists of 5G radio, a complete 5G core network, cloud infrastructure deployment, and the cloud-native operation support system (OSS) platforms. Reliance Jio is set to launch 5G services across metro cities of Delhi, Mumbai, Chennai, and Kolkata by Diwali.

Read more here.

CNG prices may go up by at least Rs 8-12 per kg

As per an Economic Times report, compressed natural gas (CNG) prices are likely to be hiked by ₹8-12 per kg after the Central government raised the prices of input natural gas to a record high. The price of gas piped to household kitchens may be hiked by over ₹6 per unit. Last week, the govt. raised the prices of gas produced from old fields from $6.1 per million BTU to $8.57 per million British thermal units (BTU).

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Welspun Corp to sell its land and building at Dahej unit

Welspun Corp Ltd (WCL) has signed a Memorandum of Agreement with Laxmi Organic Industries Ltd for the sale of land and civil structures at its Dahej unit in Gujarat for ₹130 crore. The unit comprises an insignificant portion of WCL’s operations. The management feels that the transaction would not have any adverse effect on the company’s operations.

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Vodafone Idea CEO urges govt to reduce levies to help telcos invest in capex-heavy 5G networks

Vodafone Idea (Vi) CEO Akshaya Moondra has called on the government to reduce the hefty levies in the telecom sector so that operators can improve cash generation and invest in capital-intensive 5G networks. The govt. levies amount to 58% of industry revenues, including the price of spectrum. He also urged the Centre to take more steps to ease right of way (RoW) rules to boost 5G deployments.

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M&M records highest monthly wholesales in September

Mahindra & Mahindra Ltd reported the highest ever monthly wholesales of 64,486 vehicles in September, mainly driven by strong demand for its sports utility vehicles. The automaker had dispatched 28,112 passenger and commercial vehicles in September 2021. Last month, M&M posted its highest ever monthly sales of SUVs at 34,262 units, recording a 2x year-on-year (YoY) jump.

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Nykaa’s board approves 5:1 bonus share issue

The Board of Directors of FSN E-Commerce (Nykaa) has approved the issuance of bonus shares in the ratio 5:1. The company will issue 5 fully paid-up equity shares of ₹1 each for every 1 fully paid-up equity share of ₹1 each held by a shareholder. The board has fixed November 3, 2022, as the record date for determining investors’ eligibility for the bonus share issue.

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KEC International secures new orders worth ₹1407 crore

KEC International Ltd has secured new orders worth ₹1407 crore across various businesses. Its Transmission & Distribution (T&D) business has received an order for establishing 400 kV transmission lines for the Kuwait-Saudi Arabia interconnection project. The company’s civil business has bagged an order for the construction of official quarters and associated facilities for senior govt officials in India.

Read more here.

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Editorial

5G Officially Launched in India: What Can We Expect?

After a long wait, Prime Minister Narendra Modi officially launched 5G services in India on October 1. Companies involved in the telecom, optic fiber, and network infrastructure segments are gearing up for a pan-India rollout. However, it could take a while for most of us to experience 5G on our phones. In this article, we discuss how 5G would be beneficial for our economy and what we can expect from the 5G revolution.

What are the Benefits of 5G?

The fifth generation of mobile networks won’t just mean ultra-fast internet speeds. It would bring lag-free connectivity, better coverage, and energy efficiency. Internet speeds on 5G could touch 10 gigabits per second (Gbps) at its peak, compared to the 100 megabits per second (Mbps) of 4G. Telecom operators have promised more reliability, massive network capacity, and increased availability of 5G. 

5G offers high bandwidth for quick data transfer. You’ll be able to live stream videos in better quality than before. India’s healthcare, education, automotive, defence, and gaming sectors will get a boost with enhanced augmented reality (AR) & virtual reality (VR) applications and experiences. 5G networks would also improve accessibility to mobile banking.

Jio vs Airtel vs Vi: Preparing for 5G Battle!

  • In the recent 5G spectrum auctions, Reliance Jio emerged as the top bidder with investments of ~₹88,000 crore. It bought 24,740 megahertz (MHz) of bandwidth. The company bought expensive pan-India airwaves to offer better 5G coverage quality and speed. Thus, it has a competitive advantage over rivals. Jio has also promised to offer “the most affordable 5G rates in the world” and roll out services to each corner of India by December 2023.
  • Second-largest telecom operator Bharti Airtel bought 19,867.8 MHz of airwaves worth ₹43,084 crore. It is relying on mid-band spectrum acquisitions to offer essential 5G services. Airtel has become the first telco to provide 5G networks in India. It will roll out 5G in 8 cities, including Mumbai, Delhi, Bengaluru, and Kolkata.
  • Cash-strapped Vodafone Idea (Vi) spent ₹18,799 crore to acquire 6,228 MHz of airwaves. Vi has not announced any vital 5G-related developments yet.

All telecom operators are expected to reveal their 5G plans in the coming weeks. Various reports indicate that 5G plans would be priced similarly to 4G plans currently offered in India. Others say it would be at least 10-12% higher than 4G plans in the initial stage.

What are the Key Challenges?

  • During the initial 5G rollout, telecom companies will not be able to cover the entire length and breadth of India. It will only be available in Tier-1 cities first and gradually expand to Tier-2,3 cities in a couple of years. More transmitters would be needed to cover the same area as current 4G networks.
  • Another issue is that 5G signals can be blocked by walls, glass, or trees due to their shorter wavelengths. Thus, you may not get good signals inside a building or basements. 
  • The high cost of network infra and spectrum could nudge telcos to levy a premium for 5G services. Price-sensitive Indian consumers may be reluctant to adopt the technology.
  • Most 5G smartphones available today tend to consume more battery as it keeps switching between 4G and 5G. Top mobile brands will need to invest in new battery technologies.

The Way Ahead

Over the past year, smartphone brands have advanced swiftly and launched a wide range of 5G smartphones. But if you’re buying a 5G phone now, you may be paying a premium for a feature that you can’t use for at least a year. Moreover, entities involved in the 5G rollout would have to tackle issues such as limited signal range and cybersecurity concerns.

The launch of 5G will pave the way for new economic opportunities and benefits for Indian societies. It will support innovations and transform our country into a more digitally empowered and knowledgeable economy. As per reports, the cumulative economic impact of 5G on India is estimated to reach a whopping $450 billion by 2035, provided that we have a smooth rollout.

 In an early edition, we discussed how we can profit from this new revolution in the world of networking. You can read it here!

 Are you excited for the arrival of 5G in India? Let us know in the comments section of the marketfeed app!

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Market News Top 10 News

RBI Hikes Repo Rate by 50 bps to 5.9% – Top Indian Market Updates

Here are some of the major updates that could move the markets on Monday:

RBI hikes repo rate by 50 bps to 5.9%

The Reserve Bank of India (RBI) has hiked the repo rate by 50 basis points (bps) to 5.90% to control high inflation rates. This is the fourth straight increase in the current cycle. The RBI has now raised rates by a total of 190 bps since its mid-meeting hike in May 2022. The central bank has lowered India’s real gross domestic product (GDP) forecast for FY23 from 7.2% to 7%. It has also maintained the consumer price index (CPI) inflation forecast for FY23 at 6.7%

Read more here.

Akasa Air partners with RateGain for dynamic allocation of airfares

Akasa Air has partnered with RateGain Travel Technologies Ltd for gathering real-time air travel information that will help the airline in deciding dynamic fares. RateGain said its AI-powered platform, AirGain, provides the airline’s revenue and pricing teams with the most accurate and reliable market insights to build a competitive pricing strategy. It provides real-time competitor insights across channels to reduce disparity and revenue losses.

Read more here.

HDFC raises lending rate by 50 bps

HDFC Ltd hiked its lending rate by 50 basis points (bps) after the Reserve Bank of India (RBI) raised the benchmark interest rate to curb inflation. The move would increase equated monthly installments (EMIs) for housing loans by the firm. HDFC has undertaken seven rate hikes in the last five months.

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PM Modi to launch 5G services on Saturday

Prime Minister Narendra Modi will launch 5G services in India tomorrow during the inauguration of the sixth edition of India Mobile Congress (IMC-2022). Mobile operators plan to commence the commercial rollout of 5G after that. Reliance Jio and Bharti Airtel have announced plans to start 5G later in October, and metro cities will be provided with services by Diwali.

Read more here.

Inox Leisure opens multiplex theater in Srinagar

Inox Leisure Ltd has commenced commercial operations of a multiplex cinema theatre in Srinagar, Jammu & Kashmir. The multiplex consists of three screens and 522 seats. INOX is now present in 74 cities with 165 Multiplexes, 705 screens, and a total seating capacity of 1,57,290 across India.

Read more here.

LTTS partners with Qualcomm to provide solutions for 5G private networks

L&T Technology Services Ltd (LTTS) has extended its collaboration with US-based chipmaker Qualcomm Technologies to deploy end-to-end solutions for the global 5G private network industry. LTTS will establish an engineering center of excellence in California with Qualcomm Technologies’ support to accelerate the adoption of 5G private wireless networks.

Read more here.

Vi partners with CareGame to launch 5G mobile cloud gaming in India

Vodafone Idea Ltd has partnered with Paris-based gaming technology company CareGame to launch 5G mobile cloud gaming in India. The company said that with 5G’s low latency technology, the cloud gaming industry is expected to democratise even further. Android and iOS users will be able to experience high-quality mobile gaming across popular genres without downloading them.

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Dilip Buildcon emerges as lowest bidder for ₹723 crore project

Dilip Buildcon Ltd was declared as the lowest (L-1) bidder for Phase 2 of the Ahmedabad Metro Rail project in Gujarat. The project entails the construction of 7.5 kilometers of elevated viaduct and seven stations from Sector-1 to Mahatma Mandir. The cost of the project (excluding GST) is expected to be ₹723.45 crore. 

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India’s core sector growth slows to 3.3% in August

The output of eight core infrastructure sectors grew 3.3% in August 2022— the lowest in nine months. The production growth of core sectors stood at 12.2% in the year-ago period. Output growth of eight infrastructure sectors (coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity) was 9.8% during April-August of FY23, compared to 19.4% a year ago.

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Market News Top 10 News

Tata Motors Launches India’s Cheapest Electric Car – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Tata Motors launches Tiago EV at ₹8.49 lakhs

Tata Motors launched its new and cheapest electric vehicle car, the Tiago EV, at an introductory price of ₹8.49 lakh. The hatchback comes with two battery options. The 24kWh battery offers a range of 315 km on a full charge, while the 19.2kWh battery is expected to deliver a range of 250 km. The automaker will offer eight years or 1,60,000 kms warranty on battery and motor.

Read more here.

Godrej Properties acquires seven-acre land in Bengaluru

Godrej Properties Ltd has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has a total development potential of around 6 lakh sq. ft. and an estimated booking value potential of ₹750 crore. The company is planning to develop the plot as a premium residential project comprising apartments of various configurations.

Read more here.

L&T Construction to build new medical college in Assam

Larsen & Toubro Ltd’s construction arm has secured a significant contract (in the range of ₹1,000-2,500 crore) from the State Government of Assam. The company will construct a new medical college and hospital at Golaghat, Assam. The facility will include a 430-bed teaching hospital, academic block, private ward, hostel, and residential facilities. The total built-up area will be 9.44 lakh square feet.

Read more here.

Vi to lose access to towers if it fails to clear dues: Indus Towers

Vodafone Idea (Vi) risks losing access to Indus Towers’ mobile towers from November 2022 if it fails to clear its dues. On Monday, Indus Towers held a board meeting to discuss the company’s mounting trade receivables. It reportedly issued a “strongly-worded” letter to Vi, directing the telecom company to pay 100% of monthly dues. Vodafone Idea’s total tower dues exceed ₹10,000 crore.

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Airtel Payments Bank to install 1.5 lakh micro ATMs in FY23

Airtel Payments Bank has started rolling out 1.5 lakh micro ATMs in a phased manner across Tier 2 cities and semi-urban regions to facilitate cash withdrawal for customers. The bank will gradually expand its service to cover more banking points in a phased manner. It is now integrated with the National Payments Corporation of India’s National Financial Switch (NFS) to facilitate micro ATM transactions.

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Ramco Cements commissions cement plant in AP

Ramco Cements Ltd has commissioned its fifth integrated cement plant at Kolumigundla, Andhra Pradesh, at a cost of ₹3,000 crore. The plant has a clinkerisation capacity of 2.25 million tonnes per annum. The plant is capable of manufacturing various types of cement as per the specifications of the Bureau of Indian Standards (BIS). The unit will provide jobs to over 1,000 people.

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Union Cabinet approves 3-month extension for PMGKAY

The Central government announced the extension of the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) for another three months till December 2022. The PMGKAY was launched in March 2020 to provide free 5kg foodgrains per person per month to about 80 crore beneficiaries covered under the National Food Security Act (NFSA). The extension for three months will cost ₹44,700 crore, said Union Minister Anurag Thakur.

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Indian fertilizer companies sign MoU with Canada’s Canpotex

Coromandel International, Chambal Fertilizers, and Indian Potash Ltd have signed a Memorandum of Understanding (MoU) with Canada-based Canpotex. This MoU will help reduce supply & price volatility and ensure a stable long-term supply of potash fertilizer to India.  Canpotex will supply up to 15 lakh metric tonnes of potash annually for three years to these Indian three companies. 

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Edelweiss Financial Services to raise up to ₹400 crore

Edelweiss Financial Services (EFSL) has announced plans to raise up to ₹400 crore through a public issue of bonds next week. The base issue size is ₹200 crore with an option to retain oversubscription up to ₹200 crore. EFSL will issue secured redeemable non-convertible debentures (NCDs) of the face value of ₹1,000 each. The issue opens on October 3 and closes on October 17.

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Krsnaa Diagnostics enters B2C segment

Krsnaa Diagnostics is set to enter the business-to-consumer (B2C) segment with a chain of 600 diagnostic centres across India. The company’s entry into the B2C space is likely to change the industry dynamics on pricing. It offers imaging and pathological tests at discounts of 45-60% and 40–80% to the market rates, respectively.

Read more here.

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Market News Top 10 News

Adani Ports’ Cargo Volumes Rise 18% YoY in August – Top Indian Market Updates

adani ports and sez

Here are some of the major updates that could move the markets on Monday:

Adani Ports’ cargo volumes rise 18% YoY in August

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 29.3 million metric tonnes (MMT) of cargo in August 2022, recording an 18% YoY increase. Dry bulk volume grew by 44% YoY and containers by 8% YoY last month. In the initial five months of FY23, the company managed 151.4 MMT of cargo, an 11% YoY increase over the corresponding period last year.

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Spicejet likely to receive around ₹225 crore next week as part of ECLGS

According to an ET NOW report, SpiceJet Ltd is likely to receive around ₹225 crore next week as a part of the Emergency Credit Line Guarantee Scheme (ECLGS). The funds will be used to clear statutory dues and lessor payments. The airline had applied for ₹280 crore loans under the ECLGS.

The ECLGS was launched by the Central Govt. in wake of the Covid-19 pandemic in 2020. It provides guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.

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IndusInd Bank partners with ADB to support supply chain financing

IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to promote supply chain finance (SCF) solutions in India. The bank has entered into a partial guarantee program with ADB with an initial outlay of ₹560 crore, exclusively towards promoting SCF solutions. Recently, the bank launched a state-of-the-art digital portal for SCF called ‘earlyCredit’. It enables 24×7 seamless processing of SCF transactions for corporates, suppliers, and dealers.

Read more here.

State-run oil companies post strong August sales

State-run oil companies sold 16% more petrol and 23.5% more diesel in August over the previous year as economic activity gathered pace and sales at private retailers fell. Increased mobility for work and pleasure in an expanding economy has contributed to strong demand for petrol. The demand growth in retail sales of diesel is due to the bulk buyers shifting to petrol pumps to source cheaper supplies.

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Vodafone Idea partners with Maxamtech to launch gaming content

Vodafone Idea Ltd (Vi) has partnered with Maxamtech Digital Ventures to launch multiplayer and competitive gaming content under ‘Vi Games’ to align itself with evolving customer preferences. Vi Games now offers over 40 competitive and skilled multiplayer games. Widening the participation opportunity for multiplayer gaming on Vi Games, Vi has extended the service to non-Vi users as well in a bid to attract more users.

Read more here.

Bank of Baroda raises ₹2,474 crore by issuing bonds

Bank of Baroda has raised ₹2,474 crore by issuing bonds at the rate of 7.88% through stock exchanges. The bank allotted a total of 2,474 unsecured Basel-III Additional Tier-I perpetual non-convertible bonds (NCDs), valuing ₹1 crore each. Perpetual bonds carry no maturity date and can be treated as equity rather than debt.

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Steel prices in India to remain under pressure over near future: ICRA

A research report from ICRA stated that steel prices are expected to remain under pressure in India over the near future as prices in the domestic market cannot be cushioned by global trends. The rating agency also expects steel demand in the domestic market to grow at 7-8% in the current financial year (FY23). Steel mills in India face a tough time ahead as the external environment is becoming more challenging in key global consumption markets.

Read more here.

Wipro partners with Cisco to deliver hybrid cloud-as-a-service

Wipro Ltd has partnered with Cisco to accelerate cloud transformation for customers. The partnership will enable Wipro’s clients to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience. Cisco and Wipro will bring together the edge, private, and public clouds to create an agile and adaptable hybrid cloud solution.

Read more here.

Zydus Lifesciences, Lupin recall products in US market owing to manufacturing issues

Zydus Lifesciences Ltd and Lupin are recalling products in the US due to manufacturing issues. As per an Enforcement Report by US Food & Drug Administration (USFDA), Zydus is recalling 1,116 boxes of Fulvestrant Injection, a drug used to treat breast cancer. The company’s US-based unit is recalling the affected lot due to “Failed Impurities/Degradation Specifications.”

Meanwhile, Lupin Pharmaceuticals, Inc. is recalling 7,872 bottles of Rifampin Capsules, a medication used to treat infections caused by bacteria.

Read more here.

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Market News Top 10 News

RIL to Roll Out 5G Services by Diwali – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

RIL to launch 5G services by Diwali; reveals ₹75,000 crore investment in petchem

Reliance Industries Ltd (RIL) has laid out a ₹2 lakh crore plan to launch the next generation (5G) of wireless services in India within two months. The company aims to deploy 5G services across metro cities by Diwali. RIL will partner with Qualcomm Inc to provide cloud-based 5G network solutions for businesses. It will also collaborate with Meta Platform Inc. for its JioMart shopping integration on WhatsApp.

Mukesh Ambani laid out a clear roadmap of how the conglomerate will be divided among two sons Akash and Anant, and daughter Isha. RIL will also launch its fast-moving consumer goods (FMCG) business this year. Moreover, they’ve announced an investment of ₹75,000 crore in the petrochemical business over the next five years.

Read more here.

Lupin gets USFDA nod for generic cancer treatment drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets in America. The drug is used to treat certain types of cancer. It works by slowing or stopping the growth of cancer cells. As per IQVA MAT data, Dasatinib tablets had estimated annual sales of $1,569 million in the US.

Read more here.

ABB India to upgrade Smart Power factory in Bengaluru

ABB India has decided to expand and upgrade its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand for its Smart Power solutions and energy management technologies. The facility is equipped with advanced collaborative robotics technology for better human-machine interfaces, artificial intelligence (AI), and digitalization technologies to create an automated and future-ready factory.

Read more here.

LTTS secures 5-year deal from BMW Group

L&T Technology Services (LTTS) has secured a multi-million-dollar deal from BMW Group. As part of the 5-year deal, LTTS will provide high-end engineering services for BMW’s suite of infotainment consoles targeted for its range of hybrid vehicles. The proximity to BMW Group’s campus will enable LTTS’ engineers to work on various solutions and offer services in real-time.

Read more here.

Mahindra Finance partners with CRIF to enhance customer experience

Mahindra & Mahindra Financial Services Ltd has partnered with CRIF Solutions to offer a seamless onboarding experience for customers seeking loans. The company will leverage an automated platform called StrategyOne (an Enterprise Business Rules Engine provided by CRIF) to integrate its customer acquisition channels across multiple retail asset product lines. This partnership will facilitate quicker loan approval decisions by combining automation and risk analysis.

Read more here.

EaseMyTrip partners with magicpin to launch services for travel, shopping

Easy Trip Planners Ltd (EaseMyTrip) has announced a partnership with magicpin to launch a suite of products and services that will bring travel and shopping experiences together through cross-promotion. This partnership will have unique and specially curated offerings on each other’s platforms.

Read more here.

Aurobindo Pharma subsidiary’s plant gets one observation from USFDA

The USFDA has issued one observation after inspecting a plant owned by Aurobindo Pharma’s US-based unit. The health regulator conducted its Pre-Approval Inspection (PAI) and Good Manufacturing Practice (GMP) inspection at the plant from August 22-26. The plant is owned by Aurolife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma Ltd. The company said it will respond to the USFDA within the stipulated timeline.

Read more here.

​​IRCTC plunges 8% after it withdraws e-tender for data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) fell over 8% today after the company withdrew the e-tender for its data monetisation plan. The bill was withdrawn after IRCTC was summoned by a Parliamentary panel over its controversial passenger data monetisation plan on Friday. The panel sought IRCTC’s stance on the proposal as it was concerned over possible data privacy violations.

Last week, IRCTC revealed plans to employ a consultant to conduct business with government and private companies by using its customer and vendor application data. The company estimated a revenue opportunity of ₹1,000 crore from this move.

Read more here.

Vodafone Idea denies report of data breach

Vodafone Idea (Vi) has denied an alleged data leak of more than 20 million customers. A report by cyber security research firm CyberX9 claimed that call data records of around 20.6 million customers of Vi were leaked and accessed by cyber-criminals. The telco said the report is “false and malicious”.

Read more here.

RBI to establish fraud registry to check bank frauds

The Reserve Bank of India (RBI) aims to establish a fraud registry to compile a database of dubious websites, phones, and other digital fraud methods as part of its attempts to increase client safety. Such a database will help to stop fraudsters from committing the same fraud because the websites or phone numbers will be blacklisted.

Read more here.

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Market News Top 10 News

Bharti Airtel Signs 5G Network Deals with Nokia, Samsung – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Bharti Airtel signs 5G network deals with Ericsson, Nokia, Samsung

Bharti Airtel Ltd has signed 5G network agreements with Swedish equipment maker Ericsson, Nokia, and Samsung to commence deployment of 5G networks from August. Ericsson will provide 5G connectivity in 12 circles for Bharti Airtel. The multi-year deal with Nokia will provide equipment from its AirScale portfolio and solutions for network management, deployment, planning, and optimisation services. Samsung will act as Airtel’s network partner to deploy 5G services.

Read more here.

Adani Power Q1 Results: Net profit jumps 16x YoY to Rs 4,780 crore

Adani Power Ltd reported a 16-fold YoY jump in consolidated net profit to Rs 4,780 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 115% YoY to Rs 15,509 crore during the same period. The company’s performance in Q1 was aided by a surge in power purchase agreement (PPA) tariffs due to higher import coal prices and greater alternate coal usage. EBITDA stood at Rs 7,506 crore, up 227% YoY.

Read more here.

Tata Power Green commissions 225 MW hybrid power project in Rajasthan

Tata Power Green Energy Ltd (TPGEL) has commissioned a 225 megawatts (MW) hybrid power project in Rajasthan. The power generated from the project will be supplied to Tata Power-Mumbai Distribution under a Power Purchase Agreement (PPA) for 25 years. The plant will annually offset approximately 700 million kilograms of carbon dioxide.

Read more here.

Adani Wilmar Q1 Results: Net profit rises 10% YoY to Rs 194 crore

Adani Wilmar Ltd reported a 10.2% YoY increase in consolidated net profit to Rs 193.59 crore for the quarter ended June (Q1 FY23). Its revenue from operations rose 30.2% YoY to Rs 14,731.62 crore during the same period. EBITDA stood at Rs 496 crore, up 14% YoY. Overall volumes grew 15% YoY to 1.19 million metric tonnes (MMT). The company’s edible oil business posted a 6% YoY growth in volumes, while its food & FMCG segment grew 53% YoY.

Read more here.

Inox Wind secures order for 200 MW wind power project from NTPC

Inox Wind has secured an order to establish a 200 MW wind power project from NTPC Renewable Energy Ltd. The project will be executed in Kutch District, Gujarat, and is scheduled to be commissioned by January 2024. As part of the order, Inox Wind will supply and install Wind Turbine Generators with 113 meters rotor diameter and 92 meters hub height. The company will also provide comprehensive operation and maintenance (O&M) for the project.

Read more here.

Vodafone Idea Q1 Results: Net loss at Rs 7,297 crore

Vodafone Idea Ltd (Vi) reported a consolidated net loss of Rs 7,296.7 crore for the quarter ended June (Q1 FY23). The telecom major had posted a net loss of Rs 7,319 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 13.7% YoY to Rs 10,410 crore in Q1 FY23. The average revenue per user (ARPU) stood at Rs 128 in Q1 FY23, compared to Rs 104 in Q1 FY22.

Read more here.

SpiceJet in talks with investors for stake sale: Report

As per a report from ET NOW, a Middle Eastern airline has expressed interest to pick up a 24% stake and a board seat in SpiceJet Ltd. Sources added that a big Indian business conglomerate has also approached promoter Ajay Singh to acquire a stake in the budget carrier. Ajay Singh holds around a 60% stake in SpiceJet. The cash-strapped airline urgently requires capital to keep flying.

Read more here.

IndiGo Q1 Results: Net loss narrows to Rs 1,064 crore

InterGlobe Aviation Ltd (IndiGo) reported a net loss of Rs 1,064.3 crore for the quarter ended June (Q1 FY23). The airline had posted a net loss of Rs 1,681.80 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations jumped 327.5% YoY to Rs 12,855.3 crore in Q1 FY23. IndiGo’s passenger ticket revenues stood at Rs 11,466.9 crore, up 399% YoY.

Read more here.

Uber sells 7.8% stake in Zomato for Rs 3,100 crore

Uber Technologies sold its entire 7.78% stake in Zomato Ltd in a bulk deal on the BSE today. The US-based company sold 61.22 crore shares of Zomato, which it had earned by selling Uber Eats in an all-stock deal in 2020, at Rs 50.44 per share. Meanwhile, Fidelity’s Emerging Market Fund bought 5.44 crore shares of Zomato in the bulk deal at an average price of Rs 50.26. ICICI Prudential Life Insurance bought 4.5 crore shares at Rs 50.25 per share.

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Inox Leisure Q1 Results: Net profit at Rs 57 crore

Inox Leisure Ltd reported a consolidated net profit of Rs 57.09 crore for the quarter ended June (Q1 FY23). The multiplex operator had posted a net loss of Rs 122.28 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations stood at Rs 582.26 crore in Q1 FY23, compared to Rs 22.31 crore in Q1 FY22 (when cine exhibition was impacted due to the second wave of the Covid-19 pandemic). The company added three new properties with 17 screens in Q1 FY23.

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India’s services PMI falls to 4-month low in July

India’s services sector lost momentum in July as demand was curtailed by competitive pressures, high inflation and unfavourable weather. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 55.5 in July, compared to 59.2 in June. Both output and sales increased at the weakest rates for four months.

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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Bajaj Finserv Posts 57% YoY to Rs 1,309 crore in Q1 – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Bajaj Finserv Q1 Results: Net profit rises 57% YoY to Rs 1,309 crore

Bajaj Finserv Ltd reported a 57% YoY increase in consolidated net profit to Rs 1,309 crore for the quarter ended June (Q1 FY23). Its total income grew 14% YoY to Rs 15,888 crore during the same period. The company’s board has approved the sub-division of shares in the ratio of 1:5 (each share having a face value of Rs 5 will be split into five shares of Re 1 each). It has also announced the issuance of bonus shares with a face value of Re 1 each for every fully paid-up share of Re 1.

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Vodafone Idea conducts 5G trial at MG Road Namma Metro Station in Bengaluru

Vodafone Idea (Vi) demonstrated 5G download speed of 1.2 gigabits per second (Gbps) during a trial at MG Road Metro Station in Bengaluru. The trial involved checking 5G coverage at road level, platforms, and tracks on both sides. The learnings from this project will be used for 5G deployment in other metro rail networks across India.

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Dr. Reddy’s Labs Q1 Results: Net profit jumps 108% YoY to Rs 1,187 crore

Dr. Reddy’s Laboratories reported a 108% YoY jump in consolidated net profit to Rs 1,187.6 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 6% YoY to Rs 5,215.4 crore during the same period. EBITDA stood at Rs 1,778 crore in Q1, up 74.5% YoY. The Pharmaceutical Services and Active Ingredient (PSAI) segment posted a 6% YoY decline in revenue to Rs 710 crore.

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Tata Motors partners with Axis Bank for EV financing

Tata Motors has partnered with Axis Bank to offer an exclusive electric vehicle (EV) dealer financing solution to its authorised passenger EV dealers. Dealers can obtain inventory financing over and above their Internal Combustion Engines (ICE) finance limit with pricing linked to Repo Linked Lending Rate (RLLR). The repayment tenure for this program will range from 60 to 75 days.

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Jubilant FoodWorks Q1 Results: Net profit rises 63% YoY to Rs 113 crore

Jubilant FoodWorks reported a 63% YoY increase in consolidated net profit to Rs 112.58 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 40.5% YoY to Rs 1,255.09 crore during the same period. Total expenses stood at Rs 1,104.94 crore in Q1, up 35.65% YoY. The company opened 58 new restaurants for Domino’s Pizza, adding 12 cities to its network.

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Exide Industries’ arm to set up Li-ion battery cell manufacturing facility in Bengaluru

Exide Energy Solutions Ltd (a subsidiary of Exide Industries) has announced plans to set up a lithium-ion battery cell manufacturing facility in Bengaluru. The company has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcels in Bengaluru. The area will be used to set up a Li-ion battery cell manufacturing facility for the electric mobility and stationary application businesses in India.

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Nestle India Q2 Results: Net profit falls 4% YoY to Rs 515 crore 

Nestle India reported a 4.31% YoY increase in net profit to Rs 515.34 crore for the quarter ended June (Q2 CY22). The FMCG company follows the January-December financial year cycle. Its revenue from operations grew 15.68% YoY to Rs 4,055.94 crore during the same period. Its board has approved the acquisition of the pet food business from Purina Petcare India Private Limited for Rs 123.5 crore.

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Adani Capital planning IPO in 2024 at $2-bn valuation

Adani Capital, a non-bank lender backed by Gautam Adani, is planning to raise at least Rs 1,500 crore ($188 million) in an initial public offering that could take place as early as 2024. The IPO will offer about a 10% stake in the company and target a valuation of around $2 billion. Adani Capital aims to capture more of the market for loans from Rs 30,000 to Rs 3 lakh using technology.

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TVS Motors Q1 Results: Net profit at Rs 305.37 crore

TVS Motor Company Ltd reported a consolidated net profit of Rs 305.37 crore for the quarter ended March (Q1 FY23). It had posted a net loss of Rs 10.55 crore in the corresponding quarter last year (Q1 FY22). Its revenue from operations rose 56% YoY to Rs 7,315.7 crore in Q1 FY23. The company’s total sales rose 37.8% YoY to 9.07 lakh units during the same period. 

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Bharti Airtel Opts to Defer AGR Dues by 4 Years – Top Indian Market Updates

airtel

Here are some of the major updates that could move the markets tomorrow:

Bharti Airtel opts to defer Rs 3,000 crore AGR dues for FY18, FY19 by 4 years

Bharti Airtel Ltd has opted for the four-year moratorium on adjusted gross revenue (AGR) dues for FY18 and FY19, amounting to ~Rs 3,000 crore. The company will not avail of the option to convert accrued interest on such statutory dues into government equity. The Department of Telecommunications (DoT) had recently offered the two options to all telcos as part of its support package for the industry.

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Manappuram Finance to raise up to Rs 770 crore via NCDs

Manappuram Finance Ltd’s board has approved a proposal to raise up to Rs 770 crore via non-convertible debentures (NCDs) on a private placement basis. The company will issue secured, unrated, and redeemable NCDs of the face value of Rs 10 lakh for a principal amount of ~Rs 770 crore. Kerala-based Manappuram Finance is one of India’s leading gold loan non-banking financial companies (NBFCs).

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JB Chemical’s board approves acquisition of Dr Reddy’s 4 brands

JB Chemicals & Pharmaceuticals’ board has approved a proposal to acquire four pediatric brands (Z&D, Pedicloryl, Pecef, and Ezinapi) from Dr. Reddy’s Laboratories Ltd for ~Rs 98 crore. All four brands are focused on the pediatric segment in India. The combined sales of these brands stood at around Rs 33 crore for FY 2021-22. The acquisition will be funded primarily through long-term debt.

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Vodafone Idea boosts 4G experience in Uttarakhand, UP West

Vodafone Idea (Vi) has enhanced its 4G experience in Uttarakhand & Uttar Pradesh West, enabling a better network experience and faster speeds. It has deployed the 900MHz spectrum on 3100+ sites and the 1800 MHz band on 10,295 sites in Uttarakhand & UP West, providing 97.5% of the population in the circle with stronger network indoors.

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Zydus Lifesciences gets USFDA approval for Lacosamide injection

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Lacosamide injection. The drug is used to treat partial-onset seizures. It acts on the central nervous system to reduce the number and severity of seizures. The pharma company will manufacture the drug at its injectables facility in Jarod, Gujarat. 

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SBI Cards partners with Aditya Birla Finance to launch credit cards

SBI Cards and Payment Services Ltd has entered into a strategic partnership with Aditya Birla Finance Ltd (ABFL) to launch the ‘Aditya Birla SBI Card’. The card will offer customers significant reward points on their telecom, fashion, travel, dining, entertainment, and hotel payments. The credit card is available in two variants— Aditya Birla SBI Card SELECT and Aditya Birla SBI Card— on the Visa platform.

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Devyani International launches its 1000th outlet in Mumbai

Devyani International Ltd (DIL) has announced the milestone opening of its 1,000th outlet. Its newest Pizza Hut outlet in Mumbai marks DIL’s commitment to business growth across geographies. DIL is the largest quick-service restaurant (QSR) operator franchisee (or operator) of popular fast-food chains such as Pizza Hut, KFC, and Costa Coffee in India. 

CCI approves Google International’s acquisition of 1.28% stake in Bharti Airtel

The Competition Commission of India (CCI) has approved Google International’s buy of a 1.28% stake in Bharti Airtel. According to the agreement signed between the two firms, Google will acquire a 1.28% stake in Bharti Airtel for $700 million. It will also invest $300 million over the next five years in commercial arrangements in the areas of affordable mobile devices, 5G networks, and cloud technologies.

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ABB partners with THINK Gas to automate operations

ABB India Ltd has partnered with THINK Gas for automating operations across its gas network, which includes many remote terminals spread across multiple locations. THINK Gas has licenses to distribute compressed natural gas (CNG) across Punjab, Madhya Pradesh, Bihar, and Uttar Pradesh. ABB has created a system to integrate, monitor, and control the day-to-day operations of the company. It will help automate workflows to support operators and improve safety.

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UPL partners with Bungle to establish ‘Origeo’ in Brazil

UPL has partnered with US-based Bunge to increase productivity, profitability, and sustainability for farmers in Brazil. The two entities will establish Origeo, a company that will provide end-to-end solutions to farmers, in Brazil’s MAPITOBAPA macro-region. Origeo will combine Bunge’s expertise in financing, trading, and logistics with UPL’s sustainable agricultural inputs, solutions, and services portfolio.

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Zomato to Acquire Blinkit for Rs 4,447 crore – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Zomato to acquire Blinkit for Rs 4,447 crore

Zomato Ltd’s board has approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. The food delivery firm already holds a more than 9% stake in Blinkit. This acquisition will help Zomato broaden its offerings and fuel its instant grocery delivery play. In March, Zomato had extended a lifeline to cash-strapped Blinkit through a loan of $150 million to its parent company Grofers India Pvt Ltd (GIPL).

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Canara Bank to raise up to Rs 9,000 crore via bonds

Canara Bank’s board has approved a proposal to raise up to Rs 9,000 crore via debt instruments. The lender will raise up to Rs 5,500 crore through Basel-III compliant additional tier I bonds and Rs 3,500 crore via Basel-III compliant additional tier-II bonds during FY 2022-23. The proposal is subject to market conditions and necessary approvals.

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Raymond aims to be net debt-free company in next 3 years

Raymond Ltd aims to be a net debt-free company in the next three years. According to its latest annual report, the company is focused on liquidity management through cost reduction initiatives and working capital optimisation. For the financial year ended March 31, 2022 (FY22), Raymond’s net debt has been reduced to Rs 1,088 crore. Net debt stood at Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.

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Tata Chemicals Europe opens UK’s largest carbon capture plant

Tata Chemicals Europe (TCE) has officially opened the UK’s first industrial-scale carbon capture and usage plant. The move signals a key milestone in the race to meet UK’s net-zero targets. TCE completed the £20 million investment for the plant in northwest England. The company claims it can now manufacture one of the world’s lowest carbon footprint sodium bicarbonate and sodium carbonate products. These chemicals are used to make a wide array of everyday items seen in many households.

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NTPC declares commercial operation of 92 MW floating solar capacity in Kerala

NTPC Ltd has started commercial operations of the last part capacity of 35 megawatts (MW) out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala. Spread over a 480-acre reservoir, this floating solar project will generate electricity from more than 3 lakh solar PV modules. NTPC’s total installed renewable energy capacity has now crossed the 2 gigawatts (GW) mark.

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Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining Ltd (TSML) has completed the acquisition of the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore. On April 12, Tata Steel’s subsidiary (TSML) completed the acquisition of a 90% stake in RFT as per the approved resolution plan under the Insolvency and Bankruptcy Code 2016. TSML’s investment in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore.

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Suven Life Sciences to raise up to Rs 400 crore via rights issue

Suven Life Sciences Ltd’s board has approved a proposal to raise up to Rs 400 crore via a rights issue. The company’s board has also approved an increase in the authorised share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each into Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in its Memorandum of Association.

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Vodafone Idea opts to pay Rs 8,837 crore dues in six annual installments

Vodafone Idea Ltd (VIL) has opted to pay adjusted gross revenue (AGR) related dues amounting to Rs 8,837 crore for FY18 and FY19 in six equal annual installments starting March 31, 2026. The Department of Telecommunications (DoT) recently offered the option in addition to its support package for the telecom industry announced in 2021.

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Dr. Reddy’s Labs acquires branded, generic injectables from Eton Pharma

Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals Inc. Under the terms of the agreement, Dr Reddy’s acquired the portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. These products had a total addressable market value of $174 million as of April 2022 in the US.

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Vi Defers Rs 8,837 crore AGR Dues Payment – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Vodafone Idea defers Rs 8,837 crore AGR dues payment

Vodafone Idea Ltd’s (VIL) board has decided to defer payment of additional adjusted gross revenues (AGR) of Rs 8,837 crore dues by four years. On June 15, the Department of Telecommunications (DoT) had raised AGR demand for additional two financial years beyond 2016-17, which were not covered under the Supreme Court order on the statutory dues. The DoT letter also offers VIL an option for equity conversion of interest dues upfront for these AGR-related dues.

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Tata Steel plans low CO2 steel-making technologies in UK, Netherlands

Tata Steel Ltd is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands. Both Tata Steel UK and Tata Steel Netherlands have been developing detailed plans for transition to low CO2 technologies. It is in line with the parent company’s goal to produce CO2-neutral steel by 2050 in Europe. 

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L&T’s hydrocarbon business secures large contracts

L&T Energy Hydrocarbon (LTEH) has secured three offshore packages (in the range of Rs 2,500-5,00) crore) from an overseas client. The orders consist of the engineering, construction, and installation of various new offshore jacket structures. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Macrotech Developers enters Bengaluru; eyes Rs 1,200 crore sales from first housing project

Macrotech Developers Ltd announced its entry into the Bengaluru market. It has formed a joint venture to develop its first housing project with an estimated sales booking value of Rs 1,200 crore. The realty firm will acquire 100% equity of G Corp Homes to make its foray into the Bengaluru market. Macrotech Developers markets its properties under the Lodha brand.

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Indian media, entertainment industry likely to touch Rs 4.30 lakh cr by 2026: PwC report

As per a report by global consultancy firm PwC, the Indian media and entertainment industry is expected to grow at a CAGR of 8.8% and reach Rs 4.30 lakh crore by 2026. The growth would be paced by digital media and advertising through deeper penetration of the internet and mobile devices in the domestic market. TV advertising is expected to reach over Rs 43,000 crore by 2026.

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Glenmark Pharma says USFDA issues Form 483 observations for co’s formulation facility

The US Food & Drug Administration (USFDA) has issued Form 483 with six observations to Glenmark Pharma’s formulation manufacturing facility in Baddi, Himachal Pradesh. The facility caters to the production of oral solids, liquid orals, and external preparations like lotions, creams, and respiratory segment products. The pharma company said it is committed to undertaking all necessary steps to address USFDA’s observations at the earliest. 

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RBI taps HDFC, ICICI, SBI for blockchain-based trade financing project

The Reserve Bank of India (RBI) is engaging with HDFC Bank, ICICI Bank, State Bank of India, and dozen other top lenders to run a blockchain-based pilot project centered on trade financing. The project could help prevent loan frauds by fugitive borrowers (like Nirav Modi and Mehul Choksi) that found loopholes in the system to siphon off thousands of crores. Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project.

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Aditya Birla Sun Life AMC partners BentallGreenOak

Aditya Birla Sun Life AMC Ltd and BentallGreenOak are planning to raise ~Rs 1,000 crore through their joint platform for structured credit investments in India. The funds will be used to invest in real estate projects in key property markets, including metro cities. BentallGreenOak is a global real estate investment management advisor based in Toronto, Canada.

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Tata Nexon EV catches fire in Mumbai; automaker initiates probe

Tata Motors Ltd is investigating the root cause behind a Nexon EV electric car that caught fire in the suburb of Vasai, Mumbai. This was the first instance of an EV made by the automaker going up in flames. Tata Motors has sold more than 30,000 EVs so far, which have cumulatively covered over 100 million kilometres across India over the past four years.

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DHFL Promoters Booked in Rs 34,615 crore Bank Fraud Case – Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

DHFL promoters booked in Rs 34,615 crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a fresh case against DHFL promoters Kapil and Dheeraj Wadhawan for defrauding a consortium of banks led by Union Bank of India for Rs 34,615 crore. It is the biggest bank fraud case registered by CBI. The agency is carrying out searches at 12 locations in Mumbai at the premises of the accused.

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Delhivery to expand infra in Mumbai, Bengaluru

Delhivery Ltd has announced plans to expand its infrastructure in Bhiwandi (Greater Mumbai) and Bengaluru to enhance its processing capacity to cater to demand from the southern and western regions of India. The company will collaborate with Welspun on a 7 lakh sq. ft. mega-gateway facility in Mumbai. It is also partnering with GMR Group for an over 1-million sq. ft. facility in Bengaluru.

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NSDL looking to raise Rs 4,500 crore via IPO

National Securities Depository Ltd (NSDL) is eyeing to raise Rs 4,500 crore through an initial public offering (IPO). It is India’s first and biggest depository services company. As of May 31, 2022, NSDL managed more than 2.76 crore investor accounts with a Demat custody value of Rs 297.55 lakh crore. The company has more than 89% market share in terms of Demat asset value. 

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Kalpataru Power secures orders worth Rs 2,290 crore

Kalpataru Power Transmission Ltd and its subsidiaries have secured new orders worth Rs 2,290 crore. These include orders from international markets in the power transmission business of Rs 1,416 crore. The company has also won orders for the construction of an elevated viaduct and five elevated stations of the Kanpur Metro Rail Project, civil works for a data centre, and buildings & factories projects across India totaling Rs 874 crore.

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GAIL to venture into gas liquefaction retail sales

GAIL (India) Ltd plans to liquefy natural gas for easy transportation and sale in areas that are not connected with pipeline grids. It has placed orders for two small-scale liquefaction skids capable of producing LNG on a pilot basis. These plants will help in the distribution of natural gas through liquefaction in new city gas distribution areas and liquefaction of gas at isolated fields. It will also support the establishment of LNG fueling stations.

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Macrotech Developers to provide warehousing space to Skechers near Mumbai

Realty firm Macrotech Developers Ltd will provide 1.1 million square feet of warehousing space to Skechers at Palava near Mumbai. Skechers is a global athletic footwear and apparel brand. The first phase of Skechers’ national distribution centre (NDC) will be delivered in mid-2023. It will be the second-largest NDC for Skechers in Asia and is likely to be one of the tallest warehouse structures in India.

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Vodafone Idea to raise Rs 436 crore from Vodafone Group

Vodafone Idea Ltd’s board has approved a proposal to raise Rs 436.21 crore through the preferential issue of equity shares or warrants to its UK-based parent firm, Vodafone Group. In case the funds are raised via allotment of equity shares, the issue price will be Rs 10.20 per share. In the case of warrants, the issue price will be Rs 10.20, and 100% of the issue price will be paid upfront at the time of subscription of warrants.

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Jio-bp to power EV charging stations at Nexus malls across 13 cities

Nexus Malls has partnered with Jio-bp for the rollout of EV charging stations and battery swapping stations across 17 malls in 13 cities. Jio-bp is a fuel and mobility joint venture between Reliance Industries Ltd and UK-based bp. As part of this partnership, Jio-bp will install 24×7 charging infrastructure for two and four-wheeler EVs at Nexus malls.

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Carlyle acquires 24% stake in Bharti Airtel’s Nxtra for Rs 1,788 crore

CA Cloud Investments, an affiliate of US-based Carlyle Group, has completed the acquisition of a 24.04% stake in Bharti Airtel’s subsidiary Nxtra Data. The Indian teleco will continue to hold the remaining stake in the data centre company. Nxtra Data provides data centre colocation services through its 10 data centres across India.

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